The Riverside Company, a global private investor focused on the smaller end of the middle market, has invested in Plumbing Heating Paramedics LLC (PHP). This is an add-on investment to Riverside’s platform, Threshold Brands, a multi-brand franchisor of trade services concepts. With plans to begin franchising the concept immediately, the acquisition also marks the company’s entry into plumbing and HVAC franchising. PHP represents the sixth company added to the Threshold Brands platform, which has more than 400 locations in North America.
Founded in Indianapolis, PHP is a founder-owned and operated company providing HVAC system repairs, HVAC system replacements, plumbing system repairs and recurring maintenance check-ins to residential customers in the Indiana market.
“The addition of PHP is a natural fit for our continued expansion of the Threshold Brands platform, allowing us to serve more customers and geographic footprints,” said Riverside Managing Partner Loren Schlachet. “Riverside’s investment in PHP is the most recent example of the firm’s commitment to our franchise platform and an integral step in extending into the HVAC and plumbing end markets.”
Riverside has invested in a cadre of successful franchise companies, growing them through operating expertise and strategic add-ons. Led by an experienced senior advisor, the Riverside Franchising Specialization team seeks to source and integrate add-on opportunities, drive growth and capture potential.
“Plumbing Heating Paramedics was founded in 2011 with one major goal of providing big city service with a small-town family feel,” said PHP’s Founder and President Ryan Carpenter. “When the opportunity to partner with Riverside and Threshold Brands came along, we knew it was the right opportunity to expand through franchising.”
“With a reputation for best-in-class plumbing and HVAC services, PHP is an ideal partner for Threshold Brands,” said Riverside Partner Brian Sauer. “We’re looking forward to working with the combined team to provide that same level of service to more customers through franchising.”
Working on the Riverside deal with Schlachet and Sauer were Principal Steve Rice, Associate Caroline Peck, Analyst Sarah Jensen, Operating Partner Ervin Cash and Finance Director Mark Cohen. Managing Partner, Origination, Jeremy Holland sourced the deal for Riverside.